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OPEC’s monthly report for March reflects its desire for a tight oil market strategy. (AFP) Steep rise in the value of the US dollar in recent weeks was not able to push down oil prices Oil prices have remained relatively flat since the beginning of March. There is a huge resistance that has kept the price of Brent crude slightly below the $70 per barrel mark. On the week closing, Brent crude decreased slightly and ended the week at $69.22 per barrel. WTI crude prices ended the week lower at $65.61 per barrel. With the US dollar at its strongest value since November 2020, like many dollar-denominated commodities oil prices have been inversely correlated. The steep rise in the value of the US dollar in recent weeks wasn’t able to push down oil prices, which remained well above $65 per barrel for both international benchmarks Brent and WTI. According to the weekly figures from the US Energy Information Administration (EIA), the shutdown in many US refineries has squeezed gasoline inventories and pushed up gasoline prices. US gasoline inventories fell by 11.9 million barrels. On the other hand, US crude oil inventories rose beyond expectations, up 13.8 million barrels to […]
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